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61 New Articles

Schoenherr has advised Danske Bank, Erste Group, ING, Natixis, and UBS, on Volksbank Wien’s invitation to existing holders of their outstanding EUR 400 million 2.75% fixed to fixed tier 2 notes with an interest rate reset date on October 6, 2022 to tender their notes for purchase by the company for cash. Schoenherr also advised the banks on the successful issuance of EUR 500 million 5.5% Volksbank Wien’s subordinated notes issuance. Wolf Theiss advised Volksbank Wien.

Schoenherr has advised OMV Aktiengesellschaft on a EUR 1 billion corporate bonds issuance with Barclays, Erste Group, Mizuho, Raiffeisen Bank International, Societe Generale, and UniCredit serving as joint bookrunners. White & Case's Frankfurt office advised the joint bookrunners.

Schoenherr has advised eSky Group on the financing of its acquisition of Thomas Cook from Fosun Tourism and Culture Group. Deloitte Legal reportedly advised Bank Polska Kasa Opieki and mBank. Reportedly, Dentons' UK office advised eSky Group on the acquisition and Reed Smith advised the sellers.

Montenegro lacks specific legal regulations or national strategies for AI, with current AI activities governed by general legal principles from existing laws. Despite the absence of detailed regulations or strong government support, public awareness of AI is relatively high, with 59.1 % of citizens familiar with the technology. Several initiatives are actively promoting the safe development and use of AI, reflecting a growing public interest in influencing future AI regulations.

The Digital Operational Resilience Act (DORA), along with the NIS2 directive, is a crucial piece of European legislation aimed at strengthening cybersecurity within the EU. While NIS2 focuses on a broader range of critical sectors, DORA specifically targets the financial sector, establishing a robust framework to ensure that regulated financial entities can withstand, respond to and recover from disruptions and threats related to information and communications technology (ICT). DORA complements other EU regulatory frameworks by introducing standardised requirements for digital operational resilience, which financial entities must incorporate into their risk management strategies by its effective date of 17 January 2025.

North Macedonia currently lacks AI-specific regulations, lagging behind neighbouring countries that have implemented guidelines or laws. Although the Macedonian Fund for Innovation and Technology Development (FITD) and the government initiated efforts in 2021 to create a National Strategy for AI (National Strategy), progress has been slow due to challenges such as insufficient data, human resources, and technical capabilities. Despite this, there is a strong commitment, supported by organisations like the World Bank and UNDP, to develop a comprehensive AI strategy aligned with European Union (EU) standards.

The Regulation (EU) 2024/1991[1], known as the "Nature Restoration Law" ("NRL"), represents a significant EU initiative aimed at reversing ecosystem degradation. The NRL requires Member States to restore degraded ecosystems and enhance biodiversity and resilience across land and marine areas. Effective from 18 August 2024, the NRL imposes binding targets for ecosystem restoration, presenting both opportunities and challenges. This article analyses the NRL's potential impacts on the private sector, highlighting significant concerns and legal issues.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

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